BETA Technologies, based in Vermont, files for initial public offering

BETA Technologies, a South Burlington-based company, submitted paperwork for an initial public offering on Monday, which followed reports speculating about the move the week before. The company aims to have its shares listed on the New York Stock Exchange with the ticker symbol “BETA,” as detailed in the filing with the U.S. Securities and Exchange Commission.

Founded in 2017, BETA Technologies has accumulated more than $1.5 billion in funding through private equity investments and various development agreements. The company established a 188,500-square-foot manufacturing facility in South Burlington in 2023 and manages a battery testing facility in St. Albans, solidifying its presence in the electric and hybrid aircraft sector.

In a letter included in the filing, the CEO of BETA, Kyle Clark, expressed his belief in the inevitability of electric aviation. He highlighted how it could reduce flight costs, enhance safety measures, extend aviation services, and operate harmoniously with the environment. The filing coincided with BETA Technologies’ recent collaboration with GE Aerospace, which intends to inject $300 million in equity into BETA.

The primary underwriters responsible for the financial risk associated with the public offering are Morgan Stanley and Goldman Sachs. Following the submission on Monday, BETA is currently observing a “quiet period” and has refrained from making any comments regarding the IPO.

As the story unfolds, any developments in this pivotal moment for BETA Technologies will be promptly updated.